Northlink Capital has received construction financing amounting to USD 85 million for the development of a luxury condominium project in Miami Beach. Deutsche Bank provided the loan, which will be used to refinance previous debt and fund the new construction of the 12-storey condominium tower at 7200 Collins Avenue in Miami Beach's North Beach district.
Arrow Real Estate Advisors arranged the transaction. A team comprising Morris Betesh, Alex Bailkin, and Matt O’Hanlon was responsible for the brokerage. Morris Betesh, Managing Partner at Arrow Real Estate Advisors, noted that 7200 Collins offers efficiently designed and accessibly priced residences in one of North Beach's prime oceanfront locations. He highlighted that with 96 percent of units under contract at the time of closing, the project reflects strong buyer demand.
Project Details and Amenities
The 274,150-square-foot condominium tower will encompass 222 units, ranging from studios to two-bedroom apartments. The project is designed to offer residents a high standard of living.
Amenities for residents include a beach club, a swimming pool, a fitness centre, and rooftop sun terraces. Additionally, retail spaces are planned for the ground floor, intended to further enhance convenience for future residents. These amenities demonstrate a commitment to creating a comprehensive and luxurious living experience.
Market Positioning and Demand
The high closing rate of units already at the time of loan disbursement underscores the attractiveness of the location and the project's concept in Miami Beach. This indicates robust market demand in the luxury segment of North Beach, despite external economic conditions. The combination of a prime location and carefully planned residences appears to resonate strongly with potential buyers.
- —Project location: 7200 Collins Avenue, Miami Beach, Florida.
- —Number of units: 222 (studios to two-bedroom apartments).
- —Key amenities: Beach Club, swimming pool, fitness centre, rooftop sun terraces.
- —Retail: Ground floor spaces available.
